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As inflation continues to pinch the wallets of consumers, Walmart, America's largest grocer, is taking a bold step to attract a more affluent demographic with the introduction of its latest private-label grocery brand, Bettergoods. This move reflects a broader trend in retail where high-income shoppers are increasingly turning to discount retailers for value, especially during times of economic uncertainty.

A Taste of Luxury at Bargain Prices
Walmart's new Bettergoods brand aims to blend the appeal of upscale products with wallet-friendly prices. The brand is set to offer an array of exotic and gourmet-style items, such as cardamom rose raspberry jam, curry-chicken empanadas, oat-milk ice cream, and hot honey seasoning. Remarkably, most of these products will retail for under $5, making luxury tastes accessible to a broader audience. Walmart plans to introduce over 300 Bettergoods items this year, marking its largest launch of a private store brand in two decades.

Strategic Positioning Among Private Labels
Bettergoods will join a lineup of established Walmart private labels, including the widely recognized Great Value brand. In Walmart’s membership-only retail warehouses, Sam’s Club, private labels account for 30% of sales, underscoring the significant role that store brands play in Walmart’s business strategy.

The Broader Retail Landscape
The launch of Bettergoods comes at a time when other retailers are also expanding their private-label portfolios. For instance, Kroger has announced plans to unveil over 800 new private-label products this year. Similarly, Target recently introduced a new toy label, enhancing its array of store brands like Dealworthy and Up&Up. This surge in private-label offerings is partly driven by a noticeable shift in consumer behavior, with more households, including those earning between $100K and $150K, opting for budget-friendly shopping options at discount and bulk retailers.

The Takeaway: A New Era of Brand Agnosticism
The rise of private labels like Bettergoods signifies a shift in consumer priorities. With notable brands such as Pepsi and Kraft Heinz experiencing declines in U.S. sales due to recent price hikes, more shoppers are becoming brand-agnostic, choosing store brands that offer both quality and value. This trend not only allows retailers like Walmart to cater to a diverse customer base but also enhances shopper loyalty by offering unique products that are exclusively available at their stores.

Walmart's introduction of Bettergoods is a strategic maneuver aimed at not only retaining its existing customer base but also attracting new, wealthier shoppers looking for high-quality, affordable grocery options. As the retail landscape evolves with changing consumer preferences and economic challenges, Walmart's focus on enhancing its private-label offerings could set a precedent for the industry, blending quality, affordability, and exclusivity in a way that appeals to a wide array of consumers.

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